Weltman, Weinberg & Reis Co., LPA

Michigan Courts Increase Requirements of Proof of Assignment in Debt Buyer Cases

Tue, 02 Aug 2011 12:19:29 PDT

On May 31, 2011 the Michigan Court of Appeals released a decision that will have immediate impact upon our clients, particularly our debt buyer clients. The case describes the level of proof needed to prove the assignment in debt buyer cases. The case is Brownbark II LP v. Bay Area Floorcovering & Design Inc. et al, Michigan Court of Appeals Case No. 296660, Decided May 31, 2011. Plaintiff debt buyer appealed the trial court’s denial of judgment. The trial court determined that the debt buyer failed to establish both the existence of a valid assignment of the defaulted loan at issue and its damages with reasonable certainty. The Court of Appeals concluded that the evidence presented at trial was insufficient to establish a valid assignment of the defaulted loan, and affirmed the dismissal of the case...

Collecting Unpaid Taxes from a Bankrupt Taxpayer: Is There Still Hope?

Mon, 01 Aug 2011 12:19:29 PDT

When a creditor hears that a debtor has filed for bankruptcy protection, the tendency is to expect that the debt owed will not be repaid. However, for our municipal and state clients, special rules apply that may warrant a closer look to determine whether the tax can still be collected. In today’s economic climate, every dollar of revenue for a political subdivision will help save jobs and programs for residents.

New Bankruptcy Rules Increase Scrutiny Regarding The Filing of Secured Claims and Mortgage Proof of Claims

Fri, 29 Jul 2011 12:19:29 PDT

New bankruptcy rules are set to go into effect on December 1, 2011. Of concern to secured creditors and mortgage lenders are requirements imposed on filing proofs of claims secured by the debtor’s principal residence and claims based on writings. The changes are to the Federal Rules of Bankruptcy Procedure Rule 3001 and 3002.1.

Summer Legislative Update

Thu, 28 Jul 2011 12:19:29 PDT

Summer has finally made it, as well as the uncertain weather that it brings. What is occurring in Bankruptcy is also unpredictable. While Congress is spending the majority of its time on the debt ceiling issue, there are many issues going on behind the scenes that may affect the Bankruptcy World. How these issues eventually play about may change the way that loans are looked at in a bankruptcy case.

Michael Rich Awarded Yad Ezra Volunteer of the Year

Wed, 27 Jul 2011 12:19:29 PDT

Weltman, Weinberg & Reis Co., LPA (WWR) congratulates Michael I. Rich on receiving the 2011 Diane and Emery Klein Volunteer Recognition Award as Yad Ezra’s Volunteer of the Year. Yad Ezra, a food pantry located in Berkley, Michigan, provides free kosher food, toiletries and household cleaning items to low-income Jewish families in Southeast MI. Mike Rich is a managing attorney practicing in the WWR Real Estate Default Group and is manager of affiliate, Thoroughbred Title Agency, Inc. (TTA).

Elder Abuse - When Borrowing Becomes Against the Law

Tue, 26 Jul 2011 12:19:29 PDT

As the baby boomer population passes the age of 65, the elder population is ever growing. In conjunction with this growth is the increase of elderly Americans suffering abuse in their own homes, in relatives’ homes, and even in facilities. By learning some signs and symptoms of elder abuse and how to act on behalf of an elderly person who is being abused, the abuse can not only stop, but be prevented.

Ohio House Bill 181: Tenants of Foreclosed Rental Properties Have Rights

Mon, 25 Jul 2011 12:19:29 PDT

Tenants of foreclosed properties have rights…or will have rights pursuant to Ohio House Bill (H.B.) No. 181. Landlords, previous owners, successors in interest and rental agreements would all be impacted by the bill as well.

Ohio S.B. 145: An Attempt at Taxpayer Relief

Tue, 28 Jun 2011 12:19:29 PDT

Ohio Senate Bill (“S.B.”) 145 – currently in the Senate Ways & Means and Economic Development Committee – requires municipal corporations with annual income tax collections of $100 million or more to grant an income tax credit to nonresident taxpayers. A “nonresident taxpayer” is defined as “an individual whose compensation for personal services performed in a municipal corporation is subject to a tax on income imposed by that municipal corporation and who is not domiciled in that municipal corporation at the time the personal services are performed.”

Are You Flagged? Clarification of the FTC's "Red Flag Rule"

Mon, 27 Jun 2011 12:19:29 PDT

After a lengthy period of opposition that delayed implementation and enforcement, on December 7, 2010 Congress passed the Red Flag Clarification Act of 2010, and on December 18, 2010 President Obama signed it into law. The Clarification Act defines who or what is subject to the Red Flags Rule first published by the Federal Trade Commission (FTC) on November 9, 2007...

Municipalities: Budget, Plan & Take Care - Ohio House Bill 51

Fri, 24 Jun 2011 12:19:29 PDT

Ohio House Bill 51 (H.B. 51) was introduced by former Representative Ted Snitchler, who is now the commissioner of the Public Utilities Commission of Ohio (PUCO). The bill, if passed in its current state, may burden municipalities that supply surplus resources to non-residents whether outright or through public utilities operated by the municipality...

Post Felty Decisions: Can Creditors Still Succeed on Actions on Accounts

Thu, 23 Jun 2011 12:19:29 PDT

On December 15, 2006, the First District Court of Appeals (covering Hamilton County, Ohio including the City of Cincinnati), rendered the decision in the case of Great Seneca Financial v. Felty, 170 Ohio App. 3d 737, 2010-Ohio-4423. In Felty, the Court set forth the requirements to establish a prima facie case for money owed on an account.

Affirmative Defenses In The Wake Of Twombly And Iqbal

Thu, 23 Jun 2011 12:19:29 PDT

The United States Supreme Court’s decisions in Bell Atlantic Corp. v. Twombly and Ashcroft v. Iqbal brought fundamental change to the review of complaints and counterclaims under motions to dismiss. Instead of courts reviewing these pleadings to determine whether there was no set of facts to support the claims, the Supreme Court stated that review should be undertaken to determine whether the allegations state a plausible claim for relief. An increasing number of federal courts across the country and in Wisconsin have now started applying this more stringent standard of review to affirmative defenses. This article discusses this emerging trend and advises defense practitioners of those arguments which district courts have found persuasive in refusing to apply the new plausibility standard to affirmative defenses.

Deeds-In-Lieu of Foreclosure, The Deficiency and Zombie Notes

Tue, 21 Jun 2011 12:19:29 PDT

Until the last few years, when creditors accepted a deed-in-lieu of foreclosure, the transaction almost always provided for a cancellation of the note and a release of any further liability on the part of the borrower. However, times have changed. A release of further liability in connection with a deed-in-lieu transaction is no longer automatic. There is now a clear trend for mortgage holders to consider more rigorously whether the circumstances warrant agreeing to accept a deed-in-lieu only if the borrower agrees to remain liable for a deficiency.

Don’t know DIRT?

Tue, 14 Jun 2011 12:19:29 PDT

While changing from landline phones to a wireless environment, reducing the need for exposed wires above ground, don’t be fooled by what’s going on beneath our feet. Every day, new underground infrastructure is added; whether public or private. Increasingly unobtrusive, surface property owners may not even see the installation...

Developing Renewable Energies in the United States

Mon, 13 Jun 2011 12:19:29 PDT

In typical fashion, the onset of two recessions in the last decade has brought about a nearly irresistible demand for alleviation from the pains brought on by a dampening economy. The demand being voiced in the last decade or so has focused more and more on developing renewable energy sources sufficient enough to reduce the United States’ demand on non-renewable, diminishing energy sources, especially those acquired by import. Because the United States consumes around 25% of the world’s energy, and because a significant portion of that energy is imported, small gains in the development of renewable energy sources in the United States will lead to significant results in terms of costs, environmental impact, economic sustainability, and foreign dependency. This article begins by discussing the policy underlying the sustainable energy initiative, continues with a discussion of the core renewable energy sources used in the United States, and concludes by covering three promising, newly-emerging sources of renewable energy...

Does It Pay to Allow Credit Card Payments for Utility Bills?

Fri, 10 Jun 2011 12:19:29 PDT

Paying bills with a credit card and online has become a reality for consumers for a variety of reasons: from the convenience and ease offered by online payment options, to the perks offered by credit card companies for using their card. Utilities have historically been slow to offer credit card payment options, for reasons including how to deal with the transactional fees, how to maintain the processes to allow these transactions, and the potential societal question of whether allowing credit card payments for a utility bill is acceptable. However, while only 41% of utilities reported accepting credit cards in 1999, 81% have accepted credit cards for payment of utility bills by 2006. A recent study reveals that 92% of the major energy providers nationwide offer payments through the major credit cards...

WWR Welcomes New Associate in Michigan

Fri, 10 Jun 2011 12:19:29 PDT

WWR Welcomes New Associate in Florida

Thu, 09 Jun 2011 12:19:29 PDT

The Real Estate Default Group of Weltman, Weinberg & Reis Co., L.P.A. (WWR) welcomes new associate Galina J. Boytchev to the Ft. Lauderdale office.

Indiana Foreclosure Procedures Update

Thu, 09 Jun 2011 12:19:29 PDT

As a follow-up to our client advisory published on May 18, 2011, regarding Changes in Indiana Foreclosure Procedures per Senate Bill 582, the Indiana Housing and Community Development Authority (IHCDA) posted the revised language in the settlement conference notice as well as the new loss mitigation documents to be used in all residential foreclosure cases after June 30, 2011.

Attempt to Delay Durbin Amendment Rejected

Wed, 08 Jun 2011 12:19:29 PDT

Please be advised that today, the U.S. Senate rejected an amendment to Senate Bill 782, the Economic Development Act, that would have called for a 6-month delay of the pending July 21st effective date of the Durbin Amendment.

Weltman, Weinberg & Reis Co., LPA Raises Money for Annual March of Dimes Campaign

Tue, 24 May 2011 12:19:29 PDT

Weltman, Weinberg & Reis Co., LPA (WWR) is excited to announce that its employees raised nearly $22,000 in support of the March of Dimes 2011 March for Babies campaign. The March of Dimes is just one of the many charities that WWR supports each year.

HAMP Single Point of Contact

Fri, 20 May 2011 12:19:29 PDT

On May 18, 2011, The Treasury Department issued Supplemental Directive 11-04 under the Home Affordable Modification Program (HAMP). The purpose of this Directive is to require servicers of non-GSE mortgages to have a single point of contact for dealing with customers who are currently in or may be eligible for HAMP programs on first mortgages.

Changes in Indiana Foreclosure Procedures

Wed, 18 May 2011 12:19:29 PDT

As a result of Senate Bill 582 (SB 582), the Indiana legislature has made several procedural changes as to the foreclosure process effective July 1, 2011.

Tools to Use During a Forebearance Period

Wed, 11 May 2011 12:19:29 PDT

There are many tools available to you as you work through a troubled commercial loan. Many of these tools may not have been available to you at the time the loan was originally made and your agreement to forbear from collecting on a defaulted loan would be adequate consideration for the introduction of new terms to the loan agreement which are meant to protect the lender during both the forbearance period and the balance of the term of the loan...

Notice of Sale of Collateral Requirements

Tue, 10 May 2011 12:19:29 PDT

"I never received it," said the debtor, regarding receipt of a Notice to Sell Collateral letter. Based upon his claim, he sought to escape liability for the deficiency balance owed. An Ohio court reviewed the debtor's defense under some age-old principles of Ohio creditors’ rights. The court confirmed the requirements for notice to a debtor under the "new" statute - Chapter 1309.601 to 1309.628 of the Ohio Revised Code, which replaced other provisions of Chapter 1309. Additionally, the court addressed a newer issue that can save a creditor's right to a deficiency balance even if the notice of sale was deficient...

The Aftermath of the Robo-Signing Investigations

Mon, 09 May 2011 12:19:29 PDT

In the wake of the disclosure of the affidavit signing processes used by Servicers, state Attorneys General and federal regulators are struggling to reach a compromise between consumers and servicers. Last fall, employees of mortgage servicers testified at depositions that they signed foreclosure affidavits without reading the affidavit and without a witness or notary present. Quickly, the process became “robo-signing” and investigations began...

Weltman, Weinberg & Reis Co., LPA Welcomes New Associates in Ft. Lauderdale

Mon, 09 May 2011 12:19:29 PDT

The Real Estate Default Group (REDG) of Weltman, Weinberg & Reis Co., L.P.A., the nation’s largest creditors’ rights law firm based on revenue and placements according to Collections & Credit Risk magazine, welcomes new associates Joshua D. Miron and Helen M. Roper to the Ft. Lauderdale office.

A Broad Bill Proposed to Alter Foreclosure Procedures in Ohio

Mon, 09 May 2011 12:19:29 PDT

In late January 2011, Representative Murray introduced House Bill 56 which, if enacted, would substantially alter the residential mortgage foreclosure procedure in the State of Ohio. The legislation contains changes to the entire foreclosure process from filing the complaint to recording the sheriff's deed. Due to the scope of the Bill, only the most significant revisions are addressed in this article. The Bill was assigned to the House Judiciary & Ethics Committee in February for consideration.

Weltman, Weinberg & Reis Co., LPA Welcomes New Associate in Cleveland

Mon, 02 May 2011 12:19:29 PDT

The Real Estate Default Group (REDG) of Weltman, Weinberg & Reis Co., L.P.A., the nation’s largest creditors’ rights law firm based on revenue and placements according to Collections & Credit Risk magazine, is pleased to welcome new associate Emily J. Honsa.

WWR Welcomes New Associates to Ft. Lauderdale

Mon, 02 May 2011 12:19:29 PDT

The Real Estate Default Group (REDG) of Weltman, Weinberg & Reis Co., L.P.A., the nation’s largest creditors’ rights law firm based on revenue and placements according to Collections & Credit Risk magazine, welcomes new associates Alan C. Kingsley and Cheryl L. Burm to the Ft. Lauderdale office.

Ohio Court Rules Against Arbitration Provision

Mon, 02 May 2011 12:19:29 PDT

Last month, in our newsletter Health Matters, we featured an article about the pros and cons of arbitration provisions in admission agreements[1]. An Ohio court recently found such an agreement unconscionable, and therefore unenforceable.

Collective Bargaining Rights on the Decline

Thu, 28 Apr 2011 12:19:29 PDT

Wisconsin, Michigan and Ohio are not alone. According to the Boston Globe, the State House in Massachusetts earlier this week passed a bill directly affecting collective bargaining rights of public employees. The bill was passed on April 27, 2011, by a solid margin of 111-42 in a House that is controlled by Democrats. It now moves to the state Senate.

Hats On for National Safe Digging Awareness Month

Thu, 28 Apr 2011 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. (WWR) salutes the utility community for the 3rd annual National Safe Digging Month. National Safe Digging Month is an awareness event coordinated by the Common Ground Alliance (CGA) and its members to increase the practice of safe digging across the country.

WWR Congratulates Jim Kozelek

Mon, 25 Apr 2011 12:19:29 PDT

Weltman, Weinberg & Reis Co., LPA (WWR) congratulates James G. Kozelek, an associate in the commercial collection group of WWR, on his appointment to Second Vice Chair of the Midwestern Region of the Commercial Law League of America (CLLA).

Ohio's Collective Bargaining Law (SB-5): The Facts and Just The Facts

Wed, 20 Apr 2011 12:19:29 PDT

Have you read the newly enacted Ohio Senate Bill 5, now known as the Collective Bargaining Law? Not many people actually have, due to the fact it’s several hundred pages long. Unfortunately, that leaves most people relying on the newspapers, reporters and politically motivated congress persons to identify what the bill actually provides. It’s time to rely on the facts – good or bad – and just the facts. Realizing that most people do not know it exists, the Legislative Service Commission provides a summary of the bill, which was signed into law, for free and that summary is available online. This article highlights segments of that summary...

Attacking Confirmation Orders Post-Espinosa

Tue, 19 Apr 2011 12:19:29 PDT

Hope was extinguished for creditors who would seek to overturn illegal provisions in confirmed Chapter 13 plans by the Supreme Court’s recent decision in Espinosa.

WWR - Innovating To Better Service Clients

Fri, 15 Apr 2011 12:19:29 PDT

Business must be good if growth is one of the biggest challenges facing WWR. Managing Partner Alan Weinberg of Weltman, Weinberg and Reis Co., LPA stays focused on expanding and improving the firm, and discusses his views on how the firm continues to innovate as it strives to service clients nationwide as profiled on-line in Smart Business Magazine Cleveland Edition. Read the article here.

WWR Congratulates Glass City Federal Credit Union

Thu, 14 Apr 2011 12:19:29 PDT

John Porter, managing attorney with Weltman, Weinberg & Reis Co., L.P.A. (WWR) presented Melanie Ogrodowski, Marketing Director and Katie Beakas, Marketing Coordinator of Glass City Federal Credit Union of Maumee, Ohio with the 1st annual 2011 WWR Outstanding Community Partner Award at the Ohio Credit Union League InVest48 annual convention and trade show held at the Renaissance Hotel Columbus on Wednesday, April 6, 2011.

When Spouses Cannot Strip Mortgage Liens in Bankruptcy

Wed, 13 Apr 2011 12:19:29 PDT

A recent case out of the Northern District of Illinois Bankruptcy Court adds another barrier to stripping wholly unsecured liens – when property is held in a tenancy by the entirety, and only one spouse seeks to strip the lien.

Tracking the Resident’s Families: An Effort to Stay Connected

Tue, 12 Apr 2011 12:19:29 PDT

Third party contact information – it's obtained at admission, but does anyone ever ask to update that information? It shouldn’t be a surprise that the law actually requires that the information be updated...

Mortgage Modifications Drop in February

Mon, 11 Apr 2011 12:19:29 PDT

April 11, 2011 - A recent report indicated that the number of Mortgage Modifications dropped in February by 14% from the number completed in January. The number of modifications, whether under HAMP or through the Lenders themselves, dropped below 100,000 a month for the first time in 18 months. The question that remains is whether the reduction in February is just a blip on the radar or whether it will become a trend.

Monitoring Guardianships to Maximize Recovery

Mon, 11 Apr 2011 12:19:29 PDT

Maximizing the recovery of outstanding debt in a timely manner is essential to the fiscal health of any organization. Beyond seeking recovery from the patient, the maximization comes in when seeking recovery from other legally liable parties. One particular source of recovery is the guardian or conservator...

The Pros & Cons of Arbitration Provisions in Admission Agreements

Fri, 08 Apr 2011 12:19:29 PDT

The advantages and disadvantages of arbitration as a form of alternative dispute resolution have drawn commentary from a multitude of sources in recent years. The analysis of whether or not it is advantageous to include arbitration provisions in admission agreements is best broken down into four categories: cost/time efficiency, privacy of proceedings, simplification of procedural and evidentiary rules, and post-award collection. That said, perhaps the most noteworthy consideration is whether the agreement to arbitrate will be enforceable...

Lien Stripping Prohibited If Debtor Is Ineligible For Discharge

Thu, 07 Apr 2011 12:19:29 PDT

Chapter 13 debtors who are ineligible for a discharge may not strip mortgage liens, even if the liens are wholly unsecured. This is a growing consensus among a majority of bankruptcy courts, and is a result of the interplay between two Bankruptcy Code provisions enacted in the 2005 BAPCPA amendments.

Senate Judiciary Committee Approves National Loss Mitigation Program in Bankruptcy Cases

Wed, 06 Apr 2011 12:19:29 PDT

On April 5, 2011, the Senate Judiciary Committee passed a bill to establish a National Loss Mitigation Program in Bankruptcy Cases.

New Garnishment Rules Update

Fri, 01 Apr 2011 12:19:29 PDT

As a follow-up to the previous Client Advisory on this topic, dated March 7, 2011, the Ohio personal exemption of $425 is in addition to the protected amount, if any, calculated over the lookback period.

Weltman, Weinberg & Reis Co., LPA Congratulates Amanda Yurechko for Being Invited to Join the Advisory Board for The Akron Law Review

Mon, 28 Mar 2011 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. congratulates Amanda R. Yurechko, an associate in the Cleveland office of WWR, on being invited to join the Advisory Board for the Akron Law Review.

Weltman, Weinberg & Reis Co., LPA Welcomes New Associate in Chicago

Mon, 28 Mar 2011 12:19:29 PDT

Is Your Municipality Eligible for Chapter 9 Bankruptcy?

Thu, 17 Mar 2011 12:19:29 PDT

While not often discussed and less often observed, the U.S. Bankruptcy Code does provide for the reorganization (i.e. bankruptcy protection) for municipalities. In the more than 60 years since Congress enacted this section of the Code, there have been fewer than 500 municipal bankruptcy petitions filed. Although chapter 9 cases are rare, a filing by a large municipality can— like the 1994 filing by Orange County, California—involve many millions of dollars in municipal debt...

Ohio Use Tax Education Program Under Way

Wed, 16 Mar 2011 12:19:29 PDT

The State of Ohio Department of Taxation (ODT), with a plan aimed at addressing past use tax indiscretions and increasing the compliance of Ohio’s businesses, initiated the Use Tax Education Program (UTEP). ODT estimates that as many as 380,000 susceptible small and mid-sized businesses in Ohio currently carry an outstanding liability for use tax. UTEP’s schedule divides 2011 by focusing on an education component through the first half of 2011 and a registration and compliance component in the second half of 2011...

Ohio Budget: Changes Are Underway In 2011

Wed, 16 Mar 2011 12:19:29 PDT

As predicted, there are changes to the state and local budgets included in Governor John Kasich’s budget titled "The Jobs Budget," which was released on Tuesday, March 15, 2011. The two-year spending plan cuts funding for local governments by $555 million, which has an effect of cuts of 25% in fiscal 2012, which commences July 1, 2011, and cuts funding 50% for the following fiscal year. It’s no secret that the State is facing a potential revenue shortfall of as much as $8 billion to $10 billion entering this two-year budget...

Ohio's Estate Tax: Impact of H.B. 3

Tue, 15 Mar 2011 12:19:29 PDT

The Ohio estate tax was enacted in 1968 to replace a state inheritance tax, but its roots can be traced back to 1893, when the Ohio General Assembly first enacted an inheritance tax. The current estate tax consists of two separate taxes a levy on the estates of Ohio residents, and a levy on the portion of a nonresident’s estate that is located in Ohio. Recently, Ohio legislators introduced a bill that would effectively repeal the Ohio estate tax by limiting its application to estates of decedents, who passed away before January 1, 2011. If H.B. 3 is enacted, estates of those who pass away on or after January 1, 2011 will not be subject to the tax...

When Utility Bills Aren’t Paid – Who Can be Pursued?

Mon, 14 Mar 2011 12:19:29 PDT

Rules vary when dealing with commercial and residential utility services. The manner in which an account is established, however, doesn’t differ much. Generally, in both situations, an account can be established via a telephone call, wherein certain information must be provided by the applicant/customer in order to commence service. For a residential account, the name, address and a social security number are required to set up an account. In addition, a phone number for contact purposes is required...

The WWR Real Estate Default Group Becomes Fannie Mae Approved Counsel in Kentucky

Tue, 08 Mar 2011 12:19:29 PDT

The Real Estate Default Group of Weltman, Weinberg & Reis Co., LPA is excited to announce that we are now a member of the Fannie Mae Retained Attorney Network for the State of Kentucky.

New Garnishment Rules

Mon, 07 Mar 2011 12:19:29 PDT

Effective May 1, 2011, financial institutions will have to do much more by way of analysis when in receipt of garnishment orders than simply forwarding all but $425 to the court. The Department of the Treasury recently released its interim final rule to implement statutory restrictions on the garnishment of Federal benefit payments [Social Security benefits, Supplemental Security Income (SSI) benefits, VA benefits, Federal Railroad retirement benefits, Federal Railroad unemployment and sickness benefits, Civil Service Retirement benefits, and Federal Employee Retirement System benefits]. The rule establishes procedures that financial institutions must follow when they receive a garnishment order against an account holder who receives Federal payment benefits by direct deposit.

The Durbin Amendment: Debit Card Interchange Fees

Tue, 01 Mar 2011 12:19:29 PDT

On December 16, 2010, the Federal Reserve Board released its proposed rule to implement the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted on July 21, 2010. The Durbin Amendment amends the Electronic Fund Transfer Act by adding a new section 920 regarding interchange transaction fees and rules for payment card transactions.

Weltman, Weinberg & Reis Co., LPA Welcomes New Associate in Chicago

Tue, 22 Feb 2011 12:19:29 PDT

The Critical Importance of a Coordinated Collection and Loss Mitigation Effort

Fri, 18 Feb 2011 12:19:29 PDT

As foreclosure volumes continue at record levels across the country, mortgage lenders and servicers are now, more than ever, focusing on loss mitigation efforts to help reduce the number of foreclosures and REO’S. In doing so, lenders and servicers must be careful to implement sound policies to avoid confusion on the borrower’s part that may convert those well-intended loss mitigation activities into a trap of unwelcome consequences for the lender.

WWR Welcomes Attorneys in Florida

Thu, 17 Feb 2011 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A., the nation’s largest creditors’ rights law firm based on revenue and placements according to Collections & Credit Risk magazine, welcomes Lisa M. Rogers, Junior Partner, Amy McGrotty, Associate and Damian A. Valladares, Associate to the Real Estate Default Group in the Ft. Lauderdale office.

Weltman, Weinberg & Reis Co., LPA Welcomes New Associate in Cincinnati

Thu, 17 Feb 2011 12:19:29 PDT

New York Bankruptcy Court Strikes at the Heart of MERS

Thu, 17 Feb 2011 12:19:29 PDT

In a decision issued on February 10, 2011 on a loan servicer’s motion for relief from the stay in a chapter 7 bankruptcy case entitled “In Re: Agard,” a judge of the United States Bankruptcy Court for the Eastern District of New York rigorously challenged the fundamental business model of Mortgage Electronic Registration Systems, Inc. (“MERS”).

Tax Season Creates Questions for Creditors and Consumers Alike

Thu, 10 Feb 2011 12:19:29 PDT

Tax season creates questions for creditors and consumers alike. When do losses need to be taxed? Why is a consumer taxed for forgiveness of debt? Can the parties agree to waive the reporting requirement? Questions surround the issue, and it’s only made more complicated by the various ways a consumer and creditor agree to dispose of property.

Weltman, Weinberg & Reis Co., LPA Expands Real Estate Default Group Leadership

Fri, 04 Feb 2011 12:19:29 PDT

Weltman, Weinberg and Reis Co., LPA (WWR) is pleased to announce the expansion of the Real Estate Default Group Thoroughbred Title Agency Inc. leadership team with the addition of Theodore (Ted) J. Bush as Director of Title Operations.

Legislation Provides Financial Incentives for Electronic Health Records

Tue, 01 Feb 2011 12:19:29 PDT

The Health Information Technology for Economic and Clinical Health Act (HITECH Act)[1] was enacted as part of the American Recovery and Reinvestment Act of 2009.[2] The purpose of the HITECH Act is to ensure health information is secure and protected, improve health care quality, reduce health care costs, and improve the coordination of care and information among health care professionals, as well as many other intended benefits.[3] To achieve its purpose, the HITECH Act makes certain funds available to Medicare- and Medicaid-eligible professionals, hospitals and Critical Access Hospitals (CAHs). The funds act as an incentive to encourage providers to implement and utilize electronic health records (EHR)[4] technology.

Ohio’s Borrowing Statute – A Trap for the Unwary

Mon, 31 Jan 2011 12:19:29 PDT

A statute of limitations can be a blessing or a curse. It does not forgive and is a trap for the unwary that, once sprung, can be damaging to the client and even more so to the attorney. Typical questions that need to be asked include what statute applies, what triggers the statute to begin to run, and whether there is anything that could pause the running of the statute. If those considerations were not enough, there is the additional issue of determining which state’s statute of limitations applies. This last problem is especially troubling in the realm of consumer credit card contracts. Many of these agreements have choice of law provisions that provide for higher interest rates on the one hand while on the other hand opening the door to arguments concerning which state’s potentially shorter statutory limitations period may apply. It cannot be assumed that the state law specified by the contract also governs the statutory limitations period; particularly when the “forum” state where suit is brought has enacted a “borrowing statute.”

New Foreclosure Documentation Requirements in Kentucky’s 21st Judicial Circuit

Mon, 31 Jan 2011 12:19:29 PDT

The 21st judicial circuit in Kentucky, which encompasses the Counties of Bath, Menifee, Montgomery and Rowan, issued a general order affecting the documentation required in all new foreclosure complaints filed after February 1, 2011. These changes may significantly affect foreclosure timelines in these Counties, including the first legal date.

Changes To Foreclosure Process In Kenton County, Kentucky: Implications For The State Of Kentucky

Fri, 28 Jan 2011 12:19:29 PDT

Kenton County Circuit Court, Kentucky’s second largest Circuit Court in terms of foreclosure filings, has issued a new local rule and general order effecting the documentation required in all new foreclosure complaints filed after November 15, 2010, by requiring the filing of certain documents concurrent with the filing of the foreclosure complaint. These changes may significantly affect the scheduling of foreclosure cases in Kenton County. Since Kenton County is one of the largest counties in Kentucky and other counties in Kentucky often follow Kenton County’s lead, the possibility exists that this new local rule could be adopted in the near future by other counties in the Commonwealth of Kentucky. These changes to the local rules for the filing of foreclosure complaints in Kenton County, Kentucky, are similar to the requirements adopted by many Ohio counties in recent years.

Protecting the Privilege

Thu, 27 Jan 2011 12:19:29 PDT

It may seem impossible that a court could order that communication between an attorney and client be disclosed. It may seem even odder that a court would order an attorney to turn over her litigation file. However, if a privilege is not adequately protected, it can be waived, and a court may require such disclosure.

A Review of Proactive Remedies to Prevent a Debtor’s Dissipation of Assets During Litigation (Injunctive Relief and Other Remedies in a Post-Grupo Mexicano World)

Wed, 26 Jan 2011 12:19:29 PDT

When unsecured creditors file suit, their ultimate objective is to obtain an enforceable money judgment. With heavy dockets and backlogged courts, adjudication from complaint to judgment can often take months, if not years. As such, creditors should explore all potential remedies available to prevent the dissipation of the debtor’s assets during litigation, especially where such dissipation is threatened by the debtor or otherwise suspected.

Affidavit Basics

Tue, 25 Jan 2011 12:19:29 PDT

Affidavit problems are big news. However, the focus has been more on verification issues than substance. With increased attention, other aspects of affidavits will also be subjected to enhanced scrutiny. Now is therefore a good time to revisit some of the more basic issues associated with preparing an affidavit from the perspective of the lawyer drafting the affidavit as well as considering the affiant’s role in executing an affidavit.

Discussion: Notice of Sale of Collateral Requirements

Mon, 24 Jan 2011 12:19:29 PDT

Can a Court Force a Conveyance to an Unwilling Foreclosure Plaintiff? Ohio Court of Appeals Case Says “No”

Sat, 15 Jan 2011 12:19:29 PDT

In a prior advisory, we reported a procedure created by a trial judge in Darke County, a rural county in western Ohio, whereby the judge was routinely ordering properties with pending foreclosures to be conveyed by a commissioner’s deed directly to the mortgage holders, without judicial sales, despite the mortgage holders’ objections. On January 14, 2011, the Court of Appeals issued a decision overturning that procedure.

Key Impacts of the Medicare and Medicaid Extenders Act

Thu, 13 Jan 2011 12:19:29 PDT

Health care providers were spared numerous pay cuts when the U.S. House of Representatives and Senate passed the Medicare and Medicaid Extenders Act (“MMEA”)(H.R.4994) during the 111th Congress. While the Act, signed into law by President Obama on December 15, 2010 , has been generally viewed as favorable to physicians, the MMEA provisions will affect many hospitals and other providers whose payments are based on the physician fee schedule.

Identifying Liability in Healthcare Collections: Liability of the Non-Patient Spouse

Wed, 12 Jan 2011 12:19:29 PDT

An integral part of preserving the fiscal health of your organization involves maximizing the recovery of outstanding debt in a timely manner. Accordingly, the goal of your organization must be to establish a collection strategy or practice that utilizes the two most important components of successful recovery—(1) knowing and understanding the applicable law, and (2) obtaining the necessary facts to support a claim for collection.

Participation in Ohio Assisted Living Waiver Program Can Benefit Qualified Providers

Tue, 11 Jan 2011 12:19:29 PDT

The Ohio Assisted Living Waiver Program is a state-created Medicaid waiver program which can greatly benefit participating assisted living providers. In 2006, Ohio created, by statute, a program known as the Ohio Assisted Living Waiver Program. The program allows Medicaid eligible Ohioans who cannot live fully independently, but are not ready for skilled nursing, to live in certain program-eligible assisted living facilities in the state.

The Patient Protection and Affordable Care Act Creates New Liability Issues for Healthcare Providers

Mon, 10 Jan 2011 12:19:29 PDT

The False Claims Act (FCA) was enacted during the Civil War to combat fraud perpetrated by companies that sold supplies to the Union Army. As is the case with many statutes, the FCA has survived the test of time as it has been amended and molded to fit the needs of each passing generation. Recently, the FCA has proven useful in fighting fraud within the healthcare industry.

Prepare for Changes in 2011

Thu, 06 Jan 2011 12:19:29 PDT

There will undoubtedly be changes to the state and local budgets after Governor-elect John Kasich takes office on January 10, 2011. Ohio faces a potential revenue shortfall of as much as $8 billion to $10 billion, as we enter the next two-year budget. Gov-elect Kasich prepares to balance the next state budget while simultaneously promising no tax increases.

Michigan Adopts New Non-Judicial Foreclosure Redemption Procedures

Mon, 03 Jan 2011 12:19:29 PDT

Michigan recently passed legislation amending MCL §600.3240, which affects only Oakland, Macomb and Kent counties and involves how parties in interest may redeem a non-Judicial Sheriff’s Deed.

Copies of Loan Modification Agreements Should Be Provided with Foreclosure Referral Packages

Tue, 28 Dec 2010 12:19:29 PDT

As an increasing number of new foreclosure filings involve loans which have been modified by written agreements, some Judges and borrower’s counsel have raised issues when a copy of the executed loan modification agreement is not attached as an exhibit to the Complaint.

New Court Requirements for Foreclosures in Ohio Present Serious Concerns

Fri, 10 Dec 2010 12:19:29 PDT

In reaction to the Affidavit “robo-signer” problem, the Cuyahoga County Court, and three individual judges in Franklin County have enacted new requirements, which have created serious concerns and difficulties for foreclosure plaintiffs and their attorneys.

The Dodd-Frank Wall Street Reform and Consumer Protection Act: Compliance Implications for Community Banks

Tue, 30 Nov 2010 12:19:29 PDT

Compliance - it can quite possibly make or break community banks. In recent months, Congress and Statehouses have teamed up to roll out a myriad of new legislation creating new and burdensome requirements applicable to many financial institutions including community banks.

Client Notice Regarding Bankruptcy Rule Amendments and Objecting to Discharge by Motion

Tue, 30 Nov 2010 12:19:29 PDT

Effective December 1, 2010, several amendments to the Federal Rules of Bankruptcy Procedures will become effective. Most of the amendments are procedural in nature and will only have a direct impact on the debtors. However, one amendment that is worth noting is the change to Rule 4004 which pertains to objecting to discharge due to the debtor receiving a prior bankruptcy discharge.

New Notification System to Protect Businesses from Identity Theft and Fraud

Fri, 19 Nov 2010 12:19:29 PDT

As released on 11/9/10 by the office of Jennifer Brunner, Ohio Secretary of State

Ohio Court Finds Affidavit Signing Procedure Unlawful

Thu, 18 Nov 2010 12:19:29 PDT

On November 4, 2010, Judge David Katz of the U.S. District Court for the Western District of Ohio certified a class action involving a creditor that regularly used form affidavits in the collection of credit card accounts.

Weltman, Weinberg & Reis Co., LPA Welcomes Sarah Ehasz

Thu, 18 Nov 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., LPA (WWR), the nation’s largest creditors’ rights law firm based on revenue and placements according to Collections & Credit Risk magazine, is pleased to welcome new associate Sarah E. Ehasz.

Weltman, Weinberg & Reis Co., LPA Attorneys On The Move

Thu, 18 Nov 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., LPA (WWR), the nation’s largest creditors’ rights law firm*, congratulates Douglas N. Hattaway on his recent success with the bar exam, and Joseph M. McCandlish on his movement into the firm’s Bankruptcy Group.

Law Firm Weltman, Weinberg & Reis Continues Steady Growth in Region and Beyond

Tue, 16 Nov 2010 12:19:29 PDT

Alan Weinberg can empathize with Kermit the Frog. The Muppet character is famous for lamenting that “it isn't easy being green.” Weinberg might add “or being in the debt collection business.” In a society befuddled with debt and with collections actions on the rise, those who help companies recover the money and goods owed to them are often cast as the villains. “Most people are responsible and pay their debts,” said Weinberg, managing partner of Cleveland-based Weltman, Weinberg & Reis, Co., L.P.A. (WWR), “But when people are irresponsible...

Bill of Sale Evidence Issue

Thu, 11 Nov 2010 12:19:29 PDT

Ohio courts have recently instructed debt buyers on the documentation necessary to properly "allege and prove" the chain of title for credit card account collection matters. In sum, the account evidence must show the debtor's specific account as part of the bulk account transfer from the credit card company to the debt buyer.

Court's Decision Limits Attorney's Fees Upon Reinstatement in Michigan

Thu, 04 Nov 2010 12:19:29 PDT

The Michigan statute authorizing collection of attorneys' fees in foreclosures by advertisement (non-judicial) states that for mortgages with a balance of $5,000 or more, an attorney's fee may be included in the amount bid at the sale. However, a federal court in Eastern Michigan issued a decision contradicting this.

Ohio’s Attorney General and the Foreclosure Affidavit Problem

Tue, 02 Nov 2010 12:19:29 PDT

Ohio’s Attorney General, Richard Cordray, has written letters to the various judges of the Ohio Courts of Common Pleas, expressing his concerns about affidavits filed in foreclosure cases.

Being The Very Best

Mon, 01 Nov 2010 12:19:29 PDT

The sports fans of Cleveland have not experienced a winner in our three major sports (baseball, basketball and football) since pre-Super Bowl days, when our beloved Cleveland Browns defeated the Baltimore Colts in 1964. While we in Cleveland love our city and sports teams, we are not winners in the eyes of the national media. Being a winner means being the very best. This applies not only to those employed in sports as a participant...

The Foreclosure Process Is Changing in Kenton County, KY

Tue, 26 Oct 2010 12:19:29 PDT

Kenton County, Kentucky Circuit Court, Kentucky’s second-largest in terms of foreclosure filings, has issued a general order affecting the documentation required in all new foreclosure complaints filed after November 15, 2010. These changes may significantly affect foreclosure timelines in this county, including the first legal date.

WWR Partner Authors Two Sections in Ohio Foreclosure Book

Fri, 22 Oct 2010 12:19:29 PDT

Larry R. Rothenberg, partner in charge of the foreclosure department in the Cleveland office of Weltman, Weinberg & Reis Co., LPA (WWR), contributed two chapters in "Ohio Foreclosure: What You Need To Know Now", a book published by West.

Who Caused the Damage: Determining Liability on an Excavation Damage Call

Thu, 21 Oct 2010 12:19:29 PDT

When a utility repair crew responds to a call of damage that appears to be due to a dig in by an excavator, the crew’s first priorities are restoring safety and getting utility service reconnected. The question of who will pay for the damage comes after these initial issues are resolved. However, if the crew understands and is aware that the issue of liability may be disputed at a later date, the repair crew can more readily and effectively assist in the ultimate collection of the damages sustained as a result of the dig in. The following outlines the steps the repair crew should take to assist in the ultimate collection of the damages from the liable party.

Utility Case Studies: New Jersey

Thu, 21 Oct 2010 12:19:29 PDT

In New Jersey, public utilities supply electricity, natural gas, water, telecommunications and access to cable television. Utility companies serve their customers on authority of the government in the form of a franchise to do business in a certain area or territory. The authority to issue a franchise in the State of New Jersey is based in the Board of Public Utilities (“Board”) pursuant to the Public Utility Code, N.J.S.A. 48:2-14. The Board sets standards for safety, reliability and quality of service under N.J.S.A. 48:2-23, and ensures that service is provided to everyone, without discrimination, N.J.S.A. 48:2-21(a); N.J.A.C. 14:3-1.3, 12:3-3.1. In New Jersey, the rate-setting statute is found at N.J.S.A. 48:2-21.

To Record or Not Record the Admissions Process, The Ultimate Question

Thu, 21 Oct 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., LPA (“WWR”) has represented Nursing Homes and Assisted Living Facilities for many years in matters involving unpaid bills due and owing the facilities. As you may imagine, WWR has been confronted with a myriad of defenses as to why the resident or responsible party or guarantor should not be held liable for payment.

The Impact of the Automatic Stay on Multi-Party Litigation

Thu, 21 Oct 2010 12:19:29 PDT

For creditors seeking to collect debts, it is Bankruptcy 101 that a debtor’s filing of a bankruptcy petition automatically stays the commencement or continuation of actions against the debtor to recover a claim that arose prior to the bankruptcy. While it is easy to understand and apply the requirements of the automatic stay to situations involving one creditor and one debtor, less clear is the impact of a bankruptcy filing by one of the parties in multi-party litigation.

The Credit CARD Technical Corrections Act of 2009: A Victory for Credit Unions

Thu, 21 Oct 2010 12:19:29 PDT

With much fanfare, President Obama signed the Credit Card Accountability Responsibility and Disclosure Act of 2009 (“Act”) into law on May 22, 2009, responding to the ongoing economic crisis. The Act amends the Truth in Lending Act (“TILA” or “Regulation “Z”) by putting further regulations on lenders to purportedly protect consumers.

Should Involvement of Third Party Debt Consultants Trigger SAR Requirements?

Thu, 21 Oct 2010 12:19:29 PDT

In April of 2009, and again in June of 2010, the Financial Crimes Enforcement Network (“FinCEN”) issued advisories on foreclosure rescue scams. Particularly telling in these advisories are the elements of suspicious activity by the third party that is involved with your member.

Settlements in Full and Their Effect on Municipalities

Thu, 21 Oct 2010 12:19:29 PDT

A settlement in full, or “SIF” as it is known in the collection industry, occurs when a creditor, such as a municipality, accepts an amount, generally less than the full amount being sought, in exchange for satisfaction of an obligation. Credit card companies, banks, and debt-purchasers all recognize the usefulness of a SIF and liberally make such offers in an attempt to collect on overdue accounts. The SIF is widely more tolerable in those industries, because interest and fees associated with the unpaid debt have accumulated, making the overall balance much larger, thus the SIF amount more acceptable. With this in mind, municipalities have begun to implement SIFs as well. This article addresses the pros and cons of SIFs, and their effects on municipalities.

Regulation E: Opt-In

Thu, 21 Oct 2010 12:19:29 PDT

On November 12, 2009, the Federal Reserve Board (“FRB”) adopted a final rule (“Final Rule”) amending Regulation E, which implements the Electronic Funds Transfer Act. The Final Rule is meant to address issues related to the assessment of overdraft fees on automated teller machine (“ATM”) and one-time debit card transactions unless the consumer has “opted-in” to the payment of the overdrafts. The Final Rule is a stronger version of the proposed rule issued in January 2009.

Recent Updates to Regulation Z and the New HOEPA Rule

Thu, 21 Oct 2010 12:19:29 PDT

Recently, amendments to Regulation Z, the implementing regulation for the Truth-in-Lending Act (“TILA”) and the Home Ownership and Equity Protection Act (“HOEPA”), became effective. Congress enacted HOEPA in 1994 to respond to allegations of abusive lending practices in the home equity lending market. HOEPA applies to closed-end loans on owner-occupied primary residences and non-purchase money transactions, and requires creditors to disclose and comply with limitations in home-equity loan rates and fees.

Procedure for Filing Notice of Mortgage Payment Change Amended in Western District of Pennsylvania

Thu, 21 Oct 2010 12:19:29 PDT

Effective January 1, 2010, the Western District of Pennsylvania Court Procedure changed regarding notifying the Court and the Debtor of monthly mortgage payment changes. The Chapter 13 Trustee is the acting disbursing agent for ongoing mortgage payments in this district.

Ohio Skilled Nursing Facilities Forced to Make Budget Cuts Due to State's Medicaid Bed Tax Increase

Thu, 21 Oct 2010 12:19:29 PDT

It’s officially tax time. Time to put that tax return to good use and plan that March trip to the Caribbean. Honestly, tax time is an all-year affair for businesses, and while not impacting travel plans, taxes influence businesses, including Ohio’s Skilled Nursing Facilities (“SNFs”), and their decisions on how to operate.

Obligations After a Resident's Death for Nursing Facilities: PNA Accounts

Thu, 21 Oct 2010 12:19:29 PDT

Rule 5101:3-3-16.5 of the Ohio Administrative Code, acting in accordance with the 42 CFR 483.10 of the Federal Regulations, governs what are known as personal needs allowance (“PNA”) accounts, for residents who are Medicaid recipients in nursing facilities. PNA accounts are minimal accounts to be used only for the resident’s personal needs and may only hold certain funds. Many nursing facilities maintain PNA accounts for residents.

Non-Dischargeability of Tax Claims

Thu, 21 Oct 2010 12:19:29 PDT

Whether or not the taxes owed to a municipality have been reduced to Judgment, there remains the ever-present possibility that the taxpayer will file bankruptcy. While there is a stay on all collections during the bankruptcy, a municipality may have the ability to collect once the debtor does receive his or her discharge. What taxes can a municipality collect post-discharge? The answer lies in determining which taxes are excepted from discharge or are “non-dischargeable.”

NCUA Proposed Rules on Fiduciary Duties Clarify States’ Laws

Thu, 21 Oct 2010 12:19:29 PDT

Whether an individual serves on a board of directors for a community theater group, homeowner’s association or other not-for-profit organization such as a credit union, the law in every state imposes fiduciary duties upon these board of directors in the same manner it imposes these duties on the chairman of a Fortune 500 company. Fiduciary duties more broadly refer to two duties: the duty of care and the duty of loyalty. The duty of care standard requires that directors undertake their role diligently, staying informed on the organization’s purposes, goals and activities as well as regularly attending meetings in the same manner as an “ordinarily prudent person.” The duty of loyalty requires that a director avoid conflicts of interest as well as using the officer’s position to further his/her personal interests above those of the organization.

How Does a Creditor Collect a Debt Against a Deceased Debtor in Ohio?

Thu, 21 Oct 2010 12:19:29 PDT

Generally, a creditor’s claim against a deceased debtor is not extinguished upon death but the procedure in attempting to collect the debt through the courts is different from a traditional collection matter. Prior to the death of a debtor, a creditor can file a lawsuit if warranted and personally name the debtor in order to obtain a judgment and subsequently file a judgment lien. However, when a debtor passes away, a creditor cannot simply file a lawsuit against the deceased debtor to obtain a judgment. In order for a creditor to protect its rights to collect a debt from a decedent, a claim must be presented into the decedent’s estate according to the particular state probate laws that govern presentment of a claim. In some cases, the creditor must apply to administer an estate in order to present its own claim.

HIPAA Expands and Imposes New Requirements

Thu, 21 Oct 2010 12:19:29 PDT

Important changes to the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) were made as part of The American Recovery and Reinvestment Act of 2009 (“ARRA”, also known as “The Obama Stimulus Bill”). The changes were made through a section of the Bill known as The Health Information Technology for Economic and Clinical Health Act (“HITECH”), and are effective February 17, 2010.

Higher Standards of Protection Under the HITECH Act

Thu, 21 Oct 2010 12:19:29 PDT

The American Recovery and Reinvestment Act of 2009 (“ARRA”) contained The Health Information Technology for Economic and Clinical Health Act (“HITECH”) and was enacted on February 17, 2009. The most substantive changes under ARRA are with regard to business associates and became effective one year post-enactment on February 18, 2010. Prior to ARRA, covered entities, as defined under The Health and Information Portability and Accountability Act of 1996 (“HIPAA”), were required to enter into contracts with other entities providing services on their behalf. These “business associate agreements” required the entities to use appropriate security safeguards for protected health information* exchanged with the covered entities. If the business associate, however, did not properly protect the health information, the only remedy was for a covered entity to sue for breach of contract; there was no governmental enforcement action or criminal remedies.

Going Green, Saving Green and Seeing Green!

Thu, 21 Oct 2010 12:19:29 PDT

In this economy, it is essential to be creative in order to save money and grow your bottom line. One way to save money and reduce costs is learning how to reduce your carbon footprint on the Earth. This will, in return, provide a “greener outlook for the future.” Recently, companies, organizations and municipalities have begun to provide relief to their overall budgets by reducing costs and expenses with a new, green way of thinking.

Funds Availability After the Elimination of “Non-local Checks”

Thu, 21 Oct 2010 12:19:29 PDT

On February 27, 2010, the Federal Reserve Banks consolidated all of its check processing operations to the Federal Reserve Bank of Cleveland, Ohio. Appendix A was amended to reflect the single check processing region for purposes of Regulation CC (“Reg. CC”). Based on these changes, there are no longer “non-local checks” as that term was defined in Reg. CC, § 229.2(r). Rather, because all banks are now located in the same single check processing region, all checks are deemed to be “local checks.” The following is a review of funds availability under Reg. CC after these changes.

Full and Final or Foolhardy?

Thu, 21 Oct 2010 12:19:29 PDT

“Full and Final Payment”—these four words that appear on the bottom of a check can incite fear and questions for many creditors. Should you cash the check? If you cash the check, can you still collect any of the remaining balance? What should you do with the check? Can any bill be partially paid merely by writing “full and final payment” in the memo line? In tough economic times, more debtors are turning to creative methods to avoid payment or continued collections.

From Crazy Innovation to the Old Standbys

Thu, 21 Oct 2010 12:19:29 PDT

I cannot remove the magic bullet problem from my mind. It’s like an earworm of a song that will not leave. I’m talking about finding a new revenue producing vehicle for credit unions that will replace overdraft services.

Fraudulent ACH Transfers

Thu, 21 Oct 2010 12:19:29 PDT

Taking into consideration the costs of operation, a decrease in tax payments, the large number of foreclosures filed and pending, along with the amount of abandoned homes in neighborhoods, municipalities cannot afford having their bank or escrow accounts swindled by thieves preying on unsuspecting finance departments. Many municipalities, in an effort to more quickly realize revenues, have instituted an online payment system. With this increased efficiency, however, comes possible exposure to fictitious or fraudulent ACH transfers.

Forfeiture of Cooperative Housing Unit Shares

Thu, 21 Oct 2010 12:19:29 PDT

Single family house. Condominium. Apartment. Contrary to popular belief, these three popular types of housing are not the only available dwelling options in the market. Cooperatives are a less common option that blend aspects of both apartment and condominium living. The unique legal character of cooperatives make them subject to a distinct set of rules when a lender seeks to foreclose on a loan for a cooperative unit in default.

Final Rule on Gift Cards

Thu, 21 Oct 2010 12:19:29 PDT

Gift cards are popular gift items because they take some of the guesswork out of selecting the perfect gift. According to one survey, over 95% of Americans have received or purchased a gift card.* Despite the relative ease gift cards provide to a recipient, in the past, they have had some pitfalls. When gift cards were not immediately used (or, not used at all, which included approximately 10% of all gift cards purchased in 2007**) recipients were exposed to hidden fees and short expiration dates.

Does This Taxpayer Meet Your Municipal Residency Requirements?

Thu, 21 Oct 2010 12:19:29 PDT

It can be difficult to determine whether your municipality is entitled to charge income tax on an individual who has, for a time, resided in the municipality. This often is in question, when a resident has recently moved due to a separation, or a temporary job, or has left for college while still using an address within your municipality as his or her permanent address. When can you charge local income tax on a “resident” who may earn income and live elsewhere?

Credit Card Interest Rates Under the Credit CARD Act

Thu, 21 Oct 2010 12:19:29 PDT

With the passage of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (“The Act”), Congress sought to provide better protections to consumers. As part of that effort, that legislation removed the “floor” interest rates on credit cards. The interest rate floor is set by the card-issuer as the minimum annual interest rate, and is the lowest possible rate available after any introductory period is over for an account. The majority of credit card accounts have a variable interest rate where the annual percentage rate (“APR”) is based on the prime rate plus a margin that rises and falls in lock-step with the federal funds rate set by the Federal Reserve, which is currently at 3.25%.

Chapter 13 Trustees in the Southern District of Ohio Requiring Secured Debt Payments Through the Plan

Thu, 21 Oct 2010 12:19:29 PDT

In the Southern District of Ohio, bankruptcy courts are now requiring debtors that file Chapter 13 bankruptcy to pay secured debts through their bankruptcy plan. Ordinarily, debtors have the option to pay these debts outside or inside the plan as a conduit payment.

Chapter 9 and Municipal Bankruptcy: Weighing Options at Difficult Times

Thu, 21 Oct 2010 12:19:29 PDT

Municipalities, like cities, counties, and school boards, are not like people or corporations; they are sovereign entities. As sovereign entities, the 10th Amendment of the Constitution limits the powers of Federal Courts over municipalities. Thus, when debts become due, Federal Courts cannot force liquidation or distribution of municipal assets.

Changes to Reg-Flex: What Credit Unions Can Do to Prepare

Thu, 21 Oct 2010 12:19:29 PDT

Despites the efforts of CUNA, NAFCU, and many individual credit unions, the National Credit Union Administration (“NCUA”) is well on its way to making changes that will impose new restrictions on members and change Regulatory Flexibility (“Reg-Flex”). The proposed Reg-Flex changes impact the percentage Reg-Flex credit unions may invest in fixed assets, the member business loan (“MBL”) rule, stress testing of investments and discretionary control of investments.

Benefits & Risks of Electronic Payment Systems

Thu, 21 Oct 2010 12:19:29 PDT

Over the past decade, the Internet has evolved from a specific resource for IT pros and computer geeks to a daily destination for people all over the world. Technology has inarguably made our lives easier. Recent years have seen an explosive growth in the online retail arena. Many people are just as willing to order a movie from Netflix as they are to stop by their local Blockbuster or Hollywood Video. One of the biggest technological innovations is in the area of banking, finance and commerce - the Electronic Payments. Electronic Payments or e-payments refer to the technological breakthrough that enables us to perform financial transactions electronically.

Bankruptcy Court in Eastern District of New York Adopts Loss Mitigation Program

Thu, 21 Oct 2010 12:19:29 PDT

The judges in the bankruptcy court in the Eastern District of New York recently adopted a loss mitigation program for real property that individual debtors use as their personal residence. The judges in the bankruptcy court in the Southern District of New York set up a similar program one year earlier.

Avoiding Preference Risk

Thu, 21 Oct 2010 12:19:29 PDT

Creditors doing business with entities they suspect are on the verge of filing for bankruptcy protection need to be aware that they may be required to return the payments received from that entity within the 90 days preceding a bankruptcy filing. Whether you are a party to litigation entering into a settlement agreement, a trade creditor contemplating a compromise of a delinquent account, a lender negotiating a workout, or simply conducting business as usual, all dealings with financially troubled parties should be approached with an eye on avoiding preference risk.

Additional Documentation Requirements in Southern Ohio and Southern Indiana

Thu, 21 Oct 2010 12:19:29 PDT

Effective December 1, 2009, the Southern District of Ohio and Southern District of Indiana are changing their bankruptcy rules to require Creditors to provide additional documentation to Motions for Relief from Stay.

Let's Start the Discussion: Actionable Solutions to Confront Municipal Debt

Thu, 21 Oct 2010 12:19:29 PDT

With tax receipts from retail sales and property values plummeting, along with unemployment and energy costs rising, many municipalities are feeling the financial squeeze. The national economic crisis is depleting the core source of municipal revenue. During tough times, it is not unusual for local government leaders to issue broad mandates that all divisions cut a certain percentage of their budgets. These mandates offer precious little guidance about exactly how divisions should achieve those cost savings. As a consequence, many local governments typically respond by cutting valued services.

A Tale of Two States: Recent Developments in Utility Excavation Damage Cases in Ohio and Pennsylvania

Thu, 21 Oct 2010 12:19:29 PDT

In Pennsylvania and Ohio, as in most states, there are state laws in place that are intended to minimize the risk of excavation damage to underground gas, electric, telephone and cable facilities. In both states, excavators are required to notify a “One Call” system operator of the scheduled excavation, and then wait 48 hours (exclusive of weekends and holidays) for the utility owner (or its agent) to mark the approximate location of the utility with high visibility yellow paint and flags (the color depends on the utility being located). The “One Call” system notifies the utility owner of the excavator’s location request, and the utility owner then has a corresponding duty to mark the approximate location of its facilities within 48 hours (excluding weekends and holidays) after the receipt of the request.

2010 Ohio Rising Stars

Wed, 20 Oct 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. (WWR) is pleased to announce that nine of the firm’s associates were selected as Ohio Rising Stars in Ohio Super Lawyer magazine for 2010. Julie A. DiBaggio, Scott D. Fink, David A. Head, Amy Clum Holbrook, Jim G. Kozelek, John B. C. Porter, Jennifer M. Monty, Tracy R. Schwotzer and Ted M. Traut were among 2.5 percent of Ohio’s licensed attorneys named Ohio...

"Recession Has Given Rise to the Power of Attrition Management", Credit Union Times

Mon, 18 Oct 2010 12:19:29 PDT

WWR's Robert Rutkowski, Managing Partner of the Credit Union Group, was featured in the Credit Union Times, in the article, "Recession Has Given Rise to the Power of Attrition Management.

Indiana Rule Change Requires Affidavit of Debt to be Attached to the Complaint

Mon, 18 Oct 2010 12:19:29 PDT

Beginning next year, an affidavit of debt must be attached to all complaints on accounts filed in Indiana. The affidavit must include certain information, much of which is not currently included in client affidavits. This change stems from the Indiana Supreme Court's recent order amending certain provisions of the Indiana Trial Rules and takes effect January 1, 2011...

Special Process Server Fees in Marion County, Indiana

Mon, 04 Oct 2010 12:19:29 PDT

Recently several judges in Marion County, Indiana, started denying special process server fees be charged to debtors in foreclosure cases. I had an opportunity to talk to Judge S. K. Reid in Marion Superior Court 14 regarding this matter, as she is one of the judges denying the fees.

Special Process Server Fees in Marion County, Indiana

Mon, 04 Oct 2010 12:19:29 PDT

Recently several judges in Marion County, Indiana, started denying special process server fees be charged to debtors in foreclosure cases.

Gearing Up For Florida Expansion

Tue, 28 Sep 2010 12:19:29 PDT

The Real Estate Default Group (REDG) of Weltman, Weinberg & Reis Co., LPA (WWR) is gearing up for the opening up of their Ft. Lauderdale office as they further expand real estate default services to the Florida market. With an office location secured, teams are now working hard to complete operational and staffing needs - from computers, filing cabinets and printers, to legal and support staff.

New Plan Provision Allows Lien Stripping Without An Adversary Proceeding

Fri, 17 Sep 2010 12:19:29 PDT

Stripping unsecured liens without an adversary proceeding is now easier for debtors in the Northern District of Illinois (Chicago). The new Model Plan adds a section specifically for lien stripping. Debtors will be required to use this new plan commencing October 15, 2010, but the plan is available online now, and debtor’s attorneys can start using it immediately.

New Plan Provision Allows Lien Stripping Without An Adversary Proceeding

Tue, 14 Sep 2010 12:19:29 PDT

WWR Welcomes Dave Zbozen

Tue, 14 Sep 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., LPA (WWR) is pleased to announce the expansion of the Real Estate Default Group (REDG) leadership team with the recent addition of Dave Zbozen. Dave joins the WWR Real Estate Default Group with more than 17 years of experience in the mortgage industry including management, operations and sales.

WWR Parter Larry Rothenberg In Servicing Management Magazine

Fri, 10 Sep 2010 12:19:29 PDT

Larry R. Rothenberg, partner in charge of the real estate and foreclosure department in the Cleveland office of Weltman, Weinberg & Reis Co., LPA (WWR), contributed to the article, Dodd-Frank Act Amends Protecting Tenants Act, in the September issue of Servicing Management magazine.

WWR And Community Bankers Association Of Ohio Congratulate First National Bank, Pandora

Thu, 09 Sep 2010 12:19:29 PDT

Sara M. Donnersbach, a partner with Weltman, Weinberg & Reis Co., L.P.A. (WWR) presented Mr. Brendon Matthews, Vice President of First National Bank of Pandora, Ohio with the annual 2010 WWR Outstanding Community Partner Award at the Community Bankers Association of Ohio (CBAO) annual convention and trade show held at the Hyatt Regency Columbus on Friday, August 20, 2010...

Receiver’s Sales As An Alternative To Foreclosure Sales In Ohio

Wed, 01 Sep 2010 12:19:29 PDT

In appropriate cases, the court may appoint a receiver to protect and manage the property, and to collect rents from any tenants while the foreclosure is pending. Occasionally, while the case is pending, the receiver might identify a party interested in purchasing the property for a favorable price.

WWR Featured In Cleveland Plain Dealer

Mon, 30 Aug 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., LPA was featured in Cleveland's The Plain Dealer special section entitled "Discover Northeast Ohio - A Guide For Investing In Our Communities."

Will An In-House Underwriter for Mortgage Loans in Florida Need a License?

Fri, 27 Aug 2010 12:19:29 PDT

On August 17, 2010, an Assistant General Counsel for the Florida Office of Financial Regulation (OFR) issued an informal opinion clarifying whether underwriters employed by Florida-licensed mortgage lenders will be required to be licensed as “mortgage loan originators” beginning October 1, 2010.

WWR Receives Bar Association Green Certification

Fri, 27 Aug 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. (WWR) is excited to announce it has been recognized as 2010 “Green Certified” by the Cleveland Metropolitan Bar Association (CMBA). This is the second time WWR has received certification as part of the ongoing CMBA Green Initiative to help lessen the legal profession’s impact on the environment.

WWR Opening New Office In Florida

Tue, 24 Aug 2010 12:19:29 PDT

Alan H. Weinberg, firm wide Managing Partner of Weltman, Weinberg & Reis Co., LPA (WWR), and Frank J. Veneziano, Managing Partner of the WWR Real Estate Default Group (REDG), announce the upcoming opening of a new office in the state of Florida. The office, the tenth for WWR, is slated to open in September and will be located in the Fort Lauderdale area. Lisa Rogers, a Florida practitioner with a wealth of real estate default experience will manage the office as a Junior Partner of the Firm.

New Jersey Bankruptcy Court Rejects Debtor’s Attempt to Avoid Lien in a Chapter 7 Case

Mon, 23 Aug 2010 12:19:29 PDT

Following the trend of a majority of the Circuit Courts, the United States Bankruptcy Court for the District of New Jersey concludes that a Chapter 7 debtor may not void a lien under §506(d) where the claim is wholly unsecured. This is an important decision for creditors as it solidifies the principle that a wholly unsecured lien on real property will survive a Chapter 7 bankruptcy unaffected.

Ohio Supreme Court Limits the Application of the Doctrine of Equitable Subrogation

Mon, 23 Aug 2010 12:19:29 PDT

In Ohio, mortgages are generally entitled to priority based on the dates they are filed for record. In other words, a properly recorded mortgage is entitled to priority over a subsequently recorded mortgage. However, there are exceptions to this rule. The common law doctrine of equitable subrogation is one such exception. It has often been invoked by mortgage holders seeking relief from their mistakes or oversights, with regard to prior mortgages.

WWR Wins Multiple Awards At 2010 Spring NARCA Conference

Wed, 18 Aug 2010 12:19:29 PDT

WWR was once again recognized during the 2010 Spring National Association of Retail Collection Attorneys Conference by several clients for our performance, commitment and dedication. Theresa Weinberg, Chuck Pona, Dave Tommer and Beth Francis represented the Firm at the conference held May 13-15th in Washington DC, along with over 700 industry professionals. Chuck Pona announced that Discover Financial Services presented WWR with a 1st place trophy for Operational Results, and Atlantic Credit & Finance awarded WWR with the Atlantic Credit & Finance Partnership Award. Both awards exemplify a commitment from our teams to provide outstanding service to our clients.

WWR Welcomes Keri Claeys

Tue, 17 Aug 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., LPA is pleased to welcome new associate Keri P. Claeys. Keri P. Claeys will be working in Bankruptcy; Consumer Bankruptcy Group, in the Pittsburgh office. Ms. Claeys received a B.A. in Political Science from King's College (2000) and a J.D. from...

WWR Associate Holly Thurman Elected to Treasurer of Allegheny County Bar Association Bankruptcy & Commercial Law Section Board of Governors

Tue, 03 Aug 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., LPA (WWR) congratulates Holly Thurman, an associate in Bankruptcy; Consumer Bankruptcy Group in WWR’s Pittsburgh office, on her election to Treasurer of the Allegheny County Bar Association (ACBA) Bankruptcy & Commercial Law Section Board of Governors. Ms. Thurman manages the Pennsylvania bankruptcy practice of WWR.

Can A Housing Court Judge Award Damages to a Neighbor for an Owner's Failure to Repair Their REO?

Mon, 02 Aug 2010 12:19:29 PDT

Cleveland Housing Court Judge, Raymond Pianka, has been a trailblazer in enforcement actions against mortgage holders and investors who purchase properties through foreclosure and fail to maintain or repair the properties as required by the municipal building code.

WWR Announces Leadership Change In Consumer Collections

Fri, 30 Jul 2010 12:19:29 PDT

Alan Weinberg, Managing Partner of Weltman, Weinberg & Reis Co., LPA (WWR) recently announced the retirement of fellow partner Terrence R. Heffernan, following a career that has spanned more than two decades at the firm. WWR associate Douglas M. Dahmer was appointed to Manager of the WWR Columbus Collateral Recovery/Replevin Group, which handles out-of-state collateral recovery claims across the U.S.

WWR Announces Leadership Change In Consumer Collections

Fri, 30 Jul 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., LPA (WWR) recently announced the retirement of fellow partner Terrence R. Heffernan, following a career that has spanned more than two decades at the firm. WWR associate Douglas M. Dahmer was appointed to Manager of the WWR Columbus Collateral Recovery/Replevin Group, which handles out-of-state collateral recovery claims across the U.S.

Michigan to Expand Electronic Recording of Real Estate Documents

Mon, 26 Jul 2010 12:19:29 PDT

Michigan enacted the Uniform Real Property Electronic Recording Act (PA123 of 2010) that went into immediate effect on July 21, 2010. This Act was passed to clarify and expand upon the federal Electronic Signatures in Global and National Commerce (E-Sign) Act.

The Impact of the New Federal Financial Reform Legislation on Post-Foreclosure Evictions

Fri, 23 Jul 2010 12:19:29 PDT

President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, (the “Dodd-Frank Act”) in reaction to the financial crisis. In furtherance of the stated objective of insuring financial stability, the Dodd-Frank Act, which is effective immediately, imposes requirements for oversight and regulation of activities such as appraisal activities, mortgage resolution and modification, etc.

The “Ohio Planned Community Law” Becomes Effective September 10, 2010

Wed, 21 Jul 2010 12:19:29 PDT

The Ohio legislature enacted Amended Substitute Senate Bill 187, effective September 10, 2010, which defines various rights of a homeowners association for a planned community. A “planned community” is generally defined as a community comprised of individual lots where there is an owners association governing the community or that assesses fees to its members in order to pay for maintenance of common areas in the community.

WWR Becomes Member of Ohio Land Title Association

Mon, 19 Jul 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., LPA is pleased to announce its recent membership in the Ohio Land Title Association (OLTA). Gregory Anglewicz, an Associate in the Cleveland office and member of WWR’s Real Estate Default Group, Thoroughbred Title Agency, Inc, will serve on the OLTA’s Legislative and Regulatory Committees...

Three WWR Partners Recognized as Top Lawyers in Super Lawyers Magazine

Wed, 14 Jul 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. (WWR) is pleased to announce that three of the firm’s partners were named as top lawyers within the Bankruptcy & Creditor/Debtor Rights practice area in the June/July Super Lawyers – Corporate Counsel Edition.

Three WWR Partners Recognized As Top Lawyers in Corporate Counsel Edition of Super Lawyers Magazine

Tue, 13 Jul 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. is pleased to announce that three of the firm’s partners were named as top lawyers within the Bankruptcy & Creditor/Debtor Rights practice area in the June/July Super Lawyers – Corporate Counsel Edition. Super Lawyers is a listing of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement...

WWR Congratulates David Wolfe

Wed, 07 Jul 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A., congratulates David A. Wolfe, an associate in the Consumer Collections, Legal Action Recovery Group of the WWR Detroit office, on his re-election to the State Bar of Michigan Representative Assembly. Mr. Wolfe will begin a second three-year term as a member of the Representative Assembly (RA). The RA is the final policy-making body of the State Bar...

Another Pre-Suit Notice Update for Indiana

Wed, 07 Jul 2010 12:19:29 PDT

Pursuant to Indiana House Enrolled Act No. 1122, Section 3, the Pre-Suit Notice required under IC §32-30-10.5-8, under which a lender must send a homeowner a Pre-Suit Notice via certified mail, return receipt requested, on a form prescribed by the Indiana Housing and Community Development Authority (IHCDA), at least thirty (30) days prior to filing a foreclosure action against the homeowner, has been revised.

Reiterating The Importance of Serving a Notice of Default Prior to Acceleration of Mortgage Loans in Ohio

Mon, 28 Jun 2010 12:19:29 PDT

In our Client Advisory published on October 28, 2009, we discussed the importance of fulfilling the prerequisite for foreclosure on most mortgages in Ohio, by delivering the contractually required notice of default prior to acceleration of the debt. As a sequel, this Advisory will discuss a recent Court of Appeals decision that focused on this issue.

WWR Credit Union Department Continues To Grow

Mon, 21 Jun 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. (WWR) is pleased to announce the addition of Melinda DeTallo as a Credit Union Client Relations Representative. In her new role, Ms. DeTallo will oversee the servicing and business development of credit union clients throughout Pennsylvania. Her responsibilites will include visiting with current and prospective clients, representing WWR at credit union industry events...

Ohio House Bill Would Require Additional Costs for Publication of Notices in Foreclosure Cases

Mon, 21 Jun 2010 12:19:29 PDT

House Bill 220 (H.B. 220), which would require more costly publication of notices in foreclosure cases, passed the Ohio House on June 2, 2010, and is now pending in the State and Local Government & Veteran’s Affairs Committee of the Ohio Senate.

WWR Credit Union Department Continues To Grow

Mon, 21 Jun 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. (WWR) is pleased to announce the addition of Melinda DeTallo as a Credit Union Client Relations Representative.

10 Tips For Collateral Recovery

Fri, 18 Jun 2010 12:19:29 PDT

Here are ten tips to help with collateral recovery.

Transfer Fee Covenants

Fri, 18 Jun 2010 12:19:29 PDT

On June 14, 2010, Ohio Governor Strickland signed House Bill 292 prohibiting transfer fee covenants on a prospective basis. Transfer fee covenants in effect prior to September 13, 2010 are not affected.

WWR Partner Interviewed By DS News

Thu, 17 Jun 2010 12:19:29 PDT

Frank J. Veneziano, managing partner of the Real Estate Default Group and the Cincinnati office of Weltman, Weinberg & Reis Co., L.P.A. (WWR) was interviewed by DS News during the 4th Annual Real Estate Default Symposium in Dallas, TX, hosted by the Default Attorney Group. Frank answered the important question, "With today's evolving market, what are some of the foreclosure basics the servicers are needing to get back to?"

Summit County, Ohio’s New Rule Regarding Service of Summons

Thu, 17 Jun 2010 12:19:29 PDT

Summit County (Akron), Ohio, enacted a local rule, which is now in effect, requiring that service of the summons upon defendants who reside within Summit County be attempted by the Summit County Sheriff before any other methods may be utilized.

WWR Welcomes Nicholas Palumbo

Fri, 11 Jun 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A., the nation’s largest creditors’ rights law firm based on revenue and placements according to Collections & Credit Risk magazine, is pleased to welcome new associate Nicholas D. Palumbo. Nicholas D. Palumbo will be working in the Collection Services department of the Columbus office. He joins the Firm with over five years experience, three of which focused on collections litigation...

The Illinois Supreme Court Rules Foreclosures Are Quasi In Rem Actions: How This Impacts You

Thu, 10 Jun 2010 12:19:29 PDT

On June 4, 2010, the Illinois Supreme Court in ABN Amro Mortgage Group, Inc. v. McGahan, affirmed a state court’s decision that all mortgagors, even deceased mortgagors, must be made a party to foreclosure actions in Illinois. As a result, lenders and servicers will have significant procedural burdens to successfully foreclose when a mortgagor is deceased.

WWR Welcomes David Brown

Wed, 09 Jun 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. is pleased to welcome new associate David S. Brown. David Brown will be working in the Complex Collections department of the Cleveland office. Mr. Brown has a B.A. with High Honors in Political Science and History from Ohio Northern University (2004) and a J.D. cum laude from Cleveland State University, Cleveland-Marshall College of Law (2007)...

WWR Wins Multiple Awards

Tue, 01 Jun 2010 12:19:29 PDT

REDG Expands Leadership Team

Mon, 24 May 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. is pleased to announce the expansion of the Real Estate Default Group (REDG) leadership team with the recent addition of Thomas J. McGuinness and David E. White. Tom McGuinness joins the WWR Real Estate Default Group as the Director of Title Services for Thoroughbred Title Agency, Inc. He brings a wealth of knowledge from the real estate industry...

Despite Stabilizing Home Prices, Foreclosed Property Volume Continues to Grow

Mon, 17 May 2010 12:19:29 PDT

Despite stabilizing home prices and efforts to keep struggling debtors in their homes through modifications and other loss mitigation, the number of distressed homes in Ohio on the market continues to accumulate, albeit at a slower pace.

Seminar: Bankruptcy And The Economy

Thu, 06 May 2010 12:19:29 PDT

The William J. O'Neill Regional Bankruptcy Institute, a part of the Cleveland Metropolitan Bar Association, is conducting a bankruptcy seminar offering an entertaining and comprehensive approach to the latest and best in the bankruptcy and insolvency arenas at the Marriott at Key Tower on May 12 and 13. The two-day seminar, "What Hath the Great Recession Wrought: The Bend, The Bar and Congress Respond," will feature regionally and nationally recognized speakers, including principal attorneys and judges from some of the nation's highest- profile bankruptcy cases.

Health Care Reform: Nursing Home Transparency Provisions

Tue, 27 Apr 2010 12:19:29 PDT

The recently signed Health Care Reform Bill includes a comprehensive change to the laws that address long-term care. The particular provisions within the bill are referred to as Nursing Home Transparency provisions (“NHT”). The NHT provisions are the first comprehensive change regarding nursing home quality since the Omnibus Reconciliation Act of 1987.

WWR Partner Larry R. Rothenberg Recognized as a Top Real Estate Lawyer in Corporate Counsel Edition of Super Lawyers Magazine

Mon, 26 Apr 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. (WWR) is pleased to announce that partner Larry R. Rothenberg was recognized as a Top Real Estate Lawyer in the May 2010 Corporate Counsel Edition of Super Lawyers magazine. This issue highlights the top attorneys in construction, eminent domain, energy & natural resources, land use/zoning and real estate law across Ohio...

New Title Industry Form Paves Way for Cuyahoga County, Ohio Foreclosures To Proceed As Before

Fri, 23 Apr 2010 12:19:29 PDT

On April 15, 2010, the Ohio Department of Insurance approved a new form of the Preliminary Judicial Report (PJR) and Extended Coverage Endorsement for the PJR. The new form and endorsement was primarily aimed at placating the Cuyahoga County Magistrates that felt the old forms did not properly protect bidders at the Sheriff’s Foreclosure Auction. This was due to a change in October of 2009 to exclude Creditors’ Rights from coverage under the PJR. Any foreclosures filed since October, 2009 with a PJR that excluded Creditors’ Rights, was not allowed to go to Final Judgment and essentially has been on hold...

Treasury Department Issues Guidelines for Use of HAMP in Bankruptcy

Mon, 29 Mar 2010 12:19:29 PDT

A recent post advised lenders and servicers of a strategy proposed by a prominent Chapter 13 Trustee to file bankruptcy and apply for a HAMP modification at the same time. To recap, theoretically, the servicer will lower the mortgage payments and a modification would be in executed within 60 days of filing the bankruptcy, and the plan would be ready for confirmation. However, this not only overlooks likely delays in the process, but also the three month trial period during which the debtor must make full and timely modified payments before the modification is permanent. During the process, the servicer can be bound by automatic stay for months while awaiting completion of the modification, and so confirmation...

New HAMP Guidelines Announced Affecting Foreclosures

Mon, 29 Mar 2010 12:19:29 PDT

On March 24, 2010, the Treasury Department announced new guidelines for handling pending or threatened foreclosure actions for lenders participating in the Home Affordable Modification Program (HAMP) effective June 1, 2010. Lenders participating in HAMP include Fannie Mae (FNMA) and Freddie Mac (FHLMC) loans, lenders accepting TARP funds, and other lenders who voluntarily agree to participate.

WWR Welcomes Jamie Nagle

Thu, 25 Mar 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. is pleased to welcome new associate Jamie M. Nagle. Jamie M. Nagle will be working in the Bankruptcy department of the Brooklyn Heights operations center. Ms. Nagle has a B.A. magna cum laude in Political Science from the Cleveland State University (1999) and a J.D. from the Cleveland State University, Cleveland-Marshall College of Law (2002). She was previously...

WWR Welcomes Jonathan A. VanGemert

Thu, 25 Mar 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. (WWR) is pleased to welcome new associate Jonathan A. VanGemert. Jonathan VanGemert will be working in the Collection Services department of the Detroit office. Mr. VanGemert has a B.A. in Economics from Albion College (1999) and a J.D. from the University of Detroit Mercy School of Law (2007). He was previously employed at Roosen, Varchetti & Olivier PLLC...

Beware of Chapter 13 Plans That Depend on HAMP Modification

Thu, 25 Mar 2010 12:19:29 PDT

The bills in both the House and Senate which would have allowed bankruptcy judges to modify the terms of certain mortgages died long ago. However, one prominent Chapter 13 bankruptcy trustee is promoting his own version of reform by promoting the use of HAMP (Homeowners Affordable Modification Program) in concert with a Chapter 13 bankruptcy. Lenders and Servicers need to be aware of this and the issues it presents...

REDG Welcomes Tina Woods

Wed, 24 Mar 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A., the nation’s largest creditors’ rights law firm based on revenue and placements according to Collections & Credit Risk magazine, welcomes new associate Tina F. Woods. Tina F. Woods joins the Real Estate Default Group in the Cincinnati office. Ms. Woods earned her B.A. magna cum laude in Psychology from North Carolina State University (1990) and her J.D. cum laude from the Indiana University School of Law (1994)...

WWR Associate Recognized As Ohio Rising Star For Two Consecutive Years

Wed, 24 Mar 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. is pleased to announce that associate Jennifer M. Monty was selected as an Ohio Rising Star by Ohio Super Lawyer magazine for 2010. For two consecutive years, Jennifer was among 2.5 percent of Ohio’s licensed attorneys named an Ohio Rising Star. Super Lawyers magazine names attorneys in each state who received the highest point totals, as chosen by their peers...

Pandora’s Box Opens: Chapter 13 Plans May Be Final Even If Contrary to the Bankruptcy Code

Wed, 24 Mar 2010 12:19:29 PDT

The Supreme Court admits that its decision from March 23, 2010, “is potential for bad-faith litigation tactics” by debtors...

WWR Welcomes Arthur Smialek

Tue, 23 Mar 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. (WWR) is pleased to welcome new associate Arthur D. Smialek. Mr. Smialek will serve as Supervising Attorney of Thoroughbred Title Agency, Inc (TTA), an affiliate of WWR. In addition to serving as the Supervising Attorney of TTA, Mr. Smialek will be working in the Real Estate Default Group and will be based in the Cleveland office...

WWR Welcomes Dan Friedlander

Tue, 23 Mar 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. is pleased to welcome new associate Daniel A. Friedlander. Mr. Friedlander joins the Firm after more than 19 years with the National City Corporation (now PNC Financial Services Group Inc.) law department where he was a Vice President and Senior Counsel. His responsibilities included the management and handling of various litigation matters including commercial defense...

WWR Wins Award At Legal Marketing Association's National Conference

Tue, 23 Mar 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. (WWR) is pleased to announce that it was the recipient of another national award in the Legal Marketing Association’s Annual Your Honor Awards program. The firm was presented with the award on March 12, 2010 at the 24th Annual Legal Marketing Association (LMA) conference in Denver, CO. WWR received this prestigious industry award in recognition of its 2009...

WWR Welcomes Jason Mosbaugh to the Cincinnati Office

Mon, 08 Mar 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. is pleased to welcome new associate Jason A. Mosbaugh. Jason A. Mosbaugh will be working in the Civil Litigation/Collections department of the Cincinnati office. Mr. Mosbaugh has a B.S. in Political Science and Pre-law from Miami University (2001) and a J.D. from the Salmon P. Chase College of Law (2003)...

Michigan Courts Increase Requirements of Proof in Credit Card Cases

Thu, 04 Mar 2010 12:19:29 PDT

On February 18, 2010, the Michigan Court of Appeals released a decision that will have immediate impact upon our clients, particularly our credit card and debt buyer clients. The case involved increases in certain cases the level of proof necessary to obtain judgment in court ...

New Bankruptcy Relief from Stay Forms to Take Effect in Northern District of Ohio

Thu, 25 Feb 2010 12:19:29 PDT

On February 23, 2010, it was announced that the Bankruptcy Court for the Northern District of Ohio will begin utilizing new forms for the filing of Relief from Stay Motions in Chapter 7, Chapter 13 and Chapter 11. The forms will need to be used for any motions filed on or after April 1, 2010 ...

Who Do You Trust?

Thu, 25 Feb 2010 12:19:29 PDT

Delinquent loans obviously jeopardize the fiscal soundness of any creditor. Studies done by the Receivables Management Industry have demonstrated how the collectability of a past-due account decreases dramatically with the age of a delinquency...

Northern District of Ohio Bankruptcy Court Announces Budget

Wed, 24 Feb 2010 12:19:29 PDT

In a recent open meeting between Judges, the Clerk of Courts and practitioners in the Northern District of Ohio Bankruptcy Court (which covers Cleveland, Akron, Canton, Toledo and Youngstown), it was announced that the Court’s budget had been finalized and that the sum of approximately $8 million was being allocated to the Court to cover operating expenses for the current fiscal year ...

2010 Ohio Super Lawyers

Wed, 27 Jan 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. is pleased to announce that four of the firm’s partners were named Ohio Super Lawyers for 2010. Alan H. Weinberg, Allen J. Reis, Larry R. Rothenberg and Scott S. Weltman were each chosen for this honor and were among the top five percent of Ohio’s licensed attorneys named Ohio Super Lawyers. Super Lawyers recognizes outstanding...

WWR Welcomes Sharon Pietras

Tue, 26 Jan 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A., the nation’s largest creditors’ rights law firm based on revenue and placements according to Collections & Credit Risk magazine, welcomes new associate Sharon G. Pietras. Ms. Pietras will be working in the Consumer Collection and Litigation & Defense departments of the Cleveland office. She has a B.A. in Political Science from...

WWR Congratulates Nicholas Rohner

Mon, 18 Jan 2010 12:19:29 PDT

Cincinnati - January 15, 2010– Weltman, Weinberg & Reis Co., L.P.A. (WWR), the nation’s largest creditors’ rights law firm based on revenue and placements according to Collections & Credit Risk magazine, is pleased to announce the recent promotion of associate Nicholas K. Rohner to Managing Attorney of the Collection Support Group in the Cincinnati office...

WWR Elects New Partner

Tue, 05 Jan 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. is pleased to announce the election of a new partner- Mr. Michael J. Dougherty. Mr. Dougherty is the Managing Partner of the Philadelphia office of WWR and focuses his practice on the areas of collections, subrogation, replevin and bankruptcy. Mr. Dougherty’s election brings the total number of WWR partners up to 24, three of which are certified as...

John Porter Selected As Ohio Rising Star

Tue, 05 Jan 2010 12:19:29 PDT

Weltman, Weinberg & Reis Co., L.P.A. is pleased to announce that associate John B. C. Porter was selected as an Ohio Rising Star in Ohio Super Lawyer magazine for 2010. John was among 2.5 percent of Ohio's licensed attorneys named an Ohio Rising Star. Super Lawyers magazine names attorneys in each state who received the highest point totals, as chosen by their peers...